REGISTERED NUMBER: 05728332 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Christie's International Real Estate

Europe Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

D Grace

M P Golden

REGISTERED OFFICE:

8 King Street

St James's

London

SW1Y 6QT

REGISTERED NUMBER:

05728332 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The results of the Company are set out on page 7. Turnover of $5.77m was 2.49% higher than the level of 2023 ($5.63m). Cost of sales were 35% higher than 2023 ($1.45m) at $1.96m. Despite higher administrative expenses, a tax receivable position and higher interest income have resulted in the Company making a profit after taxation of $1.47m (2023: $1.55m). The net asset position of the Company as of 31 December 2024 was $5.45m (2023: $3.97m).

Principal risks and uncertainties facing the company

The Company faces a number of risks and uncertainties. One key risk that the Company faces is a severe loss of affiliates, who pay the Company a fee per year to license the brand and take advantage of all the luxury residential property marketing initiatives. A severe loss of affiliates could negatively impact the overall financial performance of the Company. In order to prevent this the Company has controls in place to maintain and improve relationships with existing affiliates and seek out qualified affiliates in new territories and offer highly competitive marketing initiatives.

Another principal risk is the Company's ability to drive meaningful future profitability which depends on restructuring fees of large affiliate deals and managing the changing competitive dynamics with all existing affiliates. These restructuring discussions are difficult discussions. A severe loss of affiliates as a result of affiliate renewal negotiations and the resulting economic impact(s) could, however, impact the Company's affiliate global network and the overall financial performance.

Additionally, a downturn in the residential real estate market will negatively impact profitability, as many of the Company's annual licencing fees are based on licensee turnover and may impact collectability from licensees.

The Directors are satisfied with the net asset position of the Company of $5.45m (2023: $3.97m).

Due to the nature of the business, in the opinion of the Directors there are no key performance indicators whose disclosure is necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:

M P Golden - Director

26 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividend has been paid during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D Grace

M P Golden

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M P Golden - Director

26 September 2025

Opinion

We have audited the financial statements of Christie's International Real Estate Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Douglas Perry FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

29 September 2025

REVENUE

5,770,319

5,633,741

Cost of sales

1,958,172

1,450,146

GROSS PROFIT

3,812,147

4,183,595

Administrative expenses

2,092,153

2,042,937

1,719,994

2,140,658

Other operating income

3,629

34,227

OPERATING PROFIT

4

1,723,623

2,174,885

Interest receivable and similar income

277,091

135,906

PROFIT BEFORE TAXATION

2,000,714

2,310,791

Tax on profit

5

528,043

757,069

PROFIT FOR THE FINANCIAL YEAR

1,472,671

1,553,722

PROFIT FOR THE YEAR

1,472,671

1,553,722

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,472,671

1,553,722

FIXED ASSETS

Property, plant and equipment

6

4,259

9,513

CURRENT ASSETS

Debtors

7

12,239,824

7,515,650

Cash at bank

1,557,844

2,173,715

13,797,668

9,689,365

CREDITORS

Amounts falling due within one year

8

8,356,200

5,725,822

NET CURRENT ASSETS

5,441,468

3,963,543

TOTAL ASSETS LESS CURRENT LIABILITIES

5,445,727

3,973,056

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

5,445,725

3,973,054

SHAREHOLDERS' FUNDS

5,445,727

3,973,056

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

M P Golden - Director

Called up

share

Retained

Total

capital

earnings

equity

$

$

$

Balance at 1 January 2023

2

2,419,332

2,419,334

Changes in equity

Total comprehensive income

-

1,553,722

1,553,722

Balance at 31 December 2023

2

3,973,054

3,973,056

Changes in equity

Total comprehensive income

-

1,472,671

1,472,671

Balance at 31 December 2024

2

5,445,725

5,445,727

Cash flows from operating activities

Cash generated from operations

1

(117,601

)

1,363,168

Tax paid

(775,361

)

(348,478

)

Taxation refund

-

12,835

Net cash from operating activities

(892,962

)

1,027,525

Cash flows from investing activities

Purchase of tangible fixed assets

-

(1,338

)

Interest received

277,091

135,906

Net cash from investing activities

277,091

134,568

(Decrease)/increase in cash and cash equivalents

(615,871

)

1,162,093

Cash and cash equivalents at beginning of year

2

2,173,715

1,011,622

Cash and cash equivalents at end of year

2

1,557,844

2,173,715

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

$

$

Profit before taxation

2,000,714

2,310,791

Depreciation charges

5,254

6,670

Finance income

(277,091

)

(135,906

)

1,728,877

2,181,555

Increase in trade and other debtors

(4,724,174

)

(1,372,959

)

Increase in trade and other creditors

2,877,696

554,572

Cash generated from operations

(117,601

)

1,363,168

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

$

$

Cash and cash equivalents

1,557,844

2,173,715

Year ended 31 December 2023

31.12.23

1.1.23

$

$

Cash and cash equivalents

2,173,715

1,011,622

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

$

$

$

Net cash

Cash at bank

2,173,715

(615,871

)

1,557,844

2,173,715

(615,871

)

1,557,844

Total

2,173,715

(615,871

)

1,557,844

1.	STATUTORY INFORMATION

Christie's International Real Estate Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of this business is the marketing of luxury real estate.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in USD, which is the functional currency of the company.

Turnover

Turnover principally represents revenue derived from annual licensing and corporate marketing fees, marketing promotional services, co-marketing services and property introduction fees.

Revenue from annual licensing fees and corporate marketing fees are recognised over the period to which they relate rather than when payment is received.

Revenue from marketing promotional services, including magazine publications and events, are recognised in the period to which the product has been printed and/or distributed or when the event they relate to has taken place.

Revenue from introduction and co-marketing fees for property sales are recognised upon completion of the applicable property sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% per annum straight line

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs. Financial assets classified as debtors within one year are not amortised and are therefore measured at transaction price plus transaction costs. Assets receivable after more than one year are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction. In this latter case, the transaction is measured at the present value of future receipts discounted at a market rate of interest.

We derecongise financial assets are in three scenarios. Firstly, when the contractual rights to the cash flows from the assets expire or are settled. Secondly, when all the risks and rewards of the ownership of the asset substantially transfer to another party. Thirdly, when control of the asset transfers to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, bank loans and intercompany loans, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probably that some or all of the facility will be drawn down. In this case, the fees is deferred until the draw-down occurs. To the extent that there is no evidence that it is probably that some or all of the facility will be drawn down, th fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. We classify trade creditors are current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The company does not apply hedge accounting for interest rate and foreign exchange derivatives.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or has expired.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

The Directors regard the US dollar as the Company's functional currency and therefore present these financial statements in that currency. Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2024

2023

US $

US $

Wages and Salaries

759,047

773,535

Social security costs

34,849

33,936

Other pension costs

40,979

32,239

834,875

839,710

Average number of employees during the year was as follows:

2024

2023

8

7

2024

2023

US $

US $

Directors' remuneration

18,827

19,115

Directors' Social Security

2,336

2,371

4.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

$

$

Depreciation - owned assets

5,254

6,671

Foreign exchange differences

90,963

7,422

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

$

$

Current tax:

UK corporation tax

505,343

543,352

Corporation tax prior year

22,700

213,717

Tax on profit

528,043

757,069

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

$

$

Profit before tax

2,000,714

2,310,791

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

500,179

543,521

Effects of:

Expenses not deductible for tax purposes

5,164

-

Capital allowances in excess of depreciation

-

(169

)

Prior year movement

22,700

213,717

Total tax charge

528,043

757,069

6.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

$

COST

At 1 January 2024

and 31 December 2024

24,147

DEPRECIATION

At 1 January 2024

14,634

Charge for year

5,254

At 31 December 2024

19,888

NET BOOK VALUE

At 31 December 2024

4,259

At 31 December 2023

9,513

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Trade debtors

2,175,394

1,463,793

Amounts owed by group undertakings

8,864,741

5,223,656

Other debtors

116,410

41,471

VAT

12,143

-

Prepayments and accrued income

1,071,136

786,730

12,239,824

7,515,650

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

$

$

Trade creditors

166,518

35,850

Tax

270,931

518,249

VAT

-

25,519

Other creditors

661,951

375,000

Amounts owed to group

undertakings

3,550,432

2,296,983

Accruals and deferred income

3,706,368

2,474,221

8,356,200

5,725,822

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

$

$

1

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

$

At 1 January 2024

3,973,054

Profit for the year

1,472,671

At 31 December 2024

5,445,725

11.	ULTIMATE CONTROLLING PARTY

The controlling party is atproperties U.k. holdings, Ltd.

Subsequent to the year end, on 13 January 2025, the Companys' ultimate parent, At World Properties Holding,LLC, closed on a merger agreement with Listed company, Compass Inc.

As per the merger agreement, Compass Inc., acquired all of the issued and outstanding equity securities of At World Properties Holding, LLC and its subsidiaries.